Bausch Health Companies Inc. have announced their intention to separate their eye health business. Bausch + Lomb and have filed a registration statement with the SEC with a proposed initial offering. All the shares that will be offered will be owned by Bausch Health, although the price range for the IPO are yet to be revealed. Bausch Health will retain the majority ownership and the shares will be found on the New York and Toronto stock exchange's as "BLCO".
In a similar move, Alcon's spin off from Novartis in 2019 saw the two companies separate. The spin off allowed Novartis to focus its energy on pharmaceuticals and Alcon on medical devices. Initially the spin off saw revenues drop for Alcon however this was likely mainly due to the pandemic, as they went on to report $2.1 billion in worldwide sales in the second quarter of 2021, an increase of 75% on a reported basis compared with the same period of 2020. As such, it is very difficult to say whether the spin off was a success.
Considering what we know about Alcon’s spin off from Novartis, do you think this is a positive move for Bausch + Lomb?
My opinion is in the short term there will probably be a significant amount of change which will harm results but, long term it should allow for a more dedicated company with 100% focus on eyecare presuming the transition is handled efficiently.
REFS - https://eyewire.news/news/bausch-lomb-corporation-files-registration-statement-and-preliminary-prospectus-for-proposed-initial-public-offering https://www.novartis.com/news/media-releases/novartis-delivers-solid-q3-results-strong-growth-innovative-medicines-announces-strategic-review-sandoz https://www.novartis.com/news/media-releases/novartis-continues-transformation-leading-medicines-company-completion-alcon-spin
This is the perfect time to be a job seeker in the #ophthalmology and #eyecare industry, with many companies looking to hire, but fewer qualified candidate in the marketplace. The exact opposite situation to the market in 2020. This is well documented in the US Labour Force Participation rate while it decreased rapidly in 2020 due to the pandemic it has not yet rebounded to pre-pandemic levels. This means there are simply fewer employable people in the global employment market and has numerous knock on effects. While this is a global trend it is also true of the #eyecare industry as we at Vision Executives have been inundated with companies struggling to hire for their teams.
So, what about those knock on effects? It means that salaries should continue to increase with inflation and the cost of living. Some companies give their staff 1-2% annual pay increase to cover this in their contracts, however, this will not be enough to meet additional living costs for employees. That, combined with it being a job seekers market right now, means this could be the perfect opportunity. It would not be unreasonable given the current state of the eyecare jobs market to ask for a 5% pay increase. If you are interested in changing jobs most of the candidates we have placed recently are seeing a 10-15% increase!
Perhaps, more good news for employees is that companies should be more flexible with home and remote career opportunities and more employees are starting to expect this as standard too. Frankly, if a company is still asking its employees to be in an office full time they will find it increasingly difficult to grow their teams & business.
Business travel is back... Well sort of. While it is now possible to visit your international clients and visit trade shows, it is still more difficult than pre pandemic. Plus, companies are certainly cutting costs by encouraging only essential business travel. At Vision Executives we are again waiting to consider visiting The European Society of Cataract and Refractive Surgeons (ESCRS) & American Academy of Ophthalmology again this year and remain hopeful for an increase in footfall.
Before you go ask for a huge pay rise from your boss, remember that costs have also gone up for the employers themselves! Most companies will see an increase in their payroll costs, as well as, the increased costs associated with a challenging logistics market.
Nevertheless, this is the perfect time to be looking for a new job in ophthalmology so please feel free to confidentially submit your CV and we will give you a call to discuss your future eyecare career options.
2022 is looking like it could be an exciting year for the eyecare industry, with multiple innovations and treatments in the pipeline for the upcoming months. Let us know what you think could be the largest #eyecare industry advancements for 2022 by placing your opinion in the comments 👇
It is looking like this is the year for the start of the #presbyopia drops industry. Presbyopia, an age-related gradual loss of a persons near vision, effects 120 million people in the US alone. The current available treatments are glasses, contact lenses and surgery. The eyedrops industry is an exciting development in the treatment for patients with presbyopia. Contenders to keep an eye out for this year include: Allergan, Eyenovia Inc. and LENZ Therapeutics.
The market for #myopia treatment is becoming increasingly more competitive with more options available to help near sightedness. With Atropine eyedrops already licenced by companies such as Bausch + Lomb and Laboratoires Théa and a huge focus on Myopia management and correction from companies such as Essilor Group and CooperVision.
A couple of our news posts in 2021 looked at the development of #AI in diagnosing eye issues. This may gain momentum in 2022 because of the backlog of patients due to the current pandemic. AI offers the potential to increase patient flow and free up ophthalmologists’ time to enable them to treat diseases. Digital Diagnostics have developed an autonomous AI-based diagnostic system to detect diabetic retinopathy, a visual complication of diabetes. Topcon Healthcare and RetInSight have collaborated for AI-based eyecare solutions, allowing to detect and monitor to primary eye care providers, thereby aiding with patient management.
There is also a host of new retinal treatments for drugs and therapies to get regulatory approval, with the potential of some of these being commercially launched. ProQR Therapeutics are looking very close to the end of their Phase 2/3 trial on their treatment for Leber congenital amaurosis. They are also in the phase 2/3 trials for their treatment of retinitis pigmentosa and usher syndrome. Whilst Adverum Biotechnologies, Inc. Biotechnology are currently in their Phase 2 trial for their retinal pigmentosa treatments. Meanwhile LumiThera, Inc. are using a medical device based approach to treating dry AMD utlising photobiomodulation (PBM).
James Pickering is our Managing Director and an eye care recruitment expert who has developed an extensive client base and candidate network. He regularly writes articles about industry developments and has received numerous recommendations from industry leaders. You can also connect with James on LinkedIn to stay up to date on the latest eye care news.